Wednesday, July 25, 2012

LIC-Endowment Assurance Policy- With Profit

* This plan is suitable for people of all ages who wish to protect their families from a financial crisis that may occur due to their death.
* The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.
Survival Benefits
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death.
Death Benefits
The Sum Assured along with the vested bonuses is payable on death in a lump sum.
Disability Benefit
The policy holder is not required to pay further premiums if he becomes totally & permanently disabled due to an accident before reaching the age of 70 & the policy is in force. The Disability Benefit is available in respect of the first Rs.20, 000 sum assured on any one life) and the policy will continue to be in force.
Accident Benefit
By paying an extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail this benefit.
Premium Stoppage
If payment of premiums ceases after at least 3 years premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/. The reduced sum assured will become payable on the event as set in the policy.
Every year the Life Insurance Corporation distributes its surplus among policyholder to with profits' polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
* Minimum age at entry : 12 years
* Maximum age at entry : 65 years
* Maximum age at maturity : 75 years
* Minimum Sum Assured: Rs 30,000/-
* Maximum Sum Assured : No Limit
* Policy Term : 5 to 55 Years
* Mode of Payment : Monthly, Quarterly, Half Yearly, Yearly, Salary Saving Scheme

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